v3.20.2
Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash Flows from Operating Activities    
Net loss $ (10,910,238) $ (10,763,986)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 153,994 122,012
Noncash lease expense 48,259  
Noncash interest expense 9,316  
Noncash investor relations expense 66,767  
Stock-based compensation 1,321,200 2,447,091
Change in fair value of common stock warrants 1,002,073  
Change in fair value of contingent consideration 816,000 226,290
Unrealized gain on investments (61,013) (5,588)
Increase (decrease) in cash arising from changes in assets and liabilities:    
Accounts receivable 7,903 (49,186)
Prepaid expenses and other current assets (174,274) 276,994
Accounts payable (719,787) 1,004,864
Deferred revenue (1,494,395) (1,032,539)
Deferred tax liability   45,178
Accrued expenses and other liabilities (435,338) (503,417)
Other long-term liabilities 22,847 79,858
Deposits 271,732 (85,065)
Net Cash Used in Operating Activities (10,074,954) (8,237,494)
Cash Flows from Investing Activities    
Purchase of short-term investments (24,337,099) (72,993)
Sale of short-term investments 3,799,995  
Purchase of property and equipment (211,401) (45,459)
Proceeds from disposal of property and equipment 2,168  
Net Cash Used in Investing Activities (20,746,337) (118,452)
Cash Flows from Financing Activities    
Proceeds from public offering of common stock and warrants, net of issuance costs 6,600,970  
Proceeds from the issuance of common stock, net of underwriting discounts and commissions 36,998,653 18,897
Proceeds from exercise of stock options   2,122
Stock issuance costs (1,092,760)  
Proceeds from PPP loan 702,000  
Repayment of PPP loan (702,000)  
Repayments on principal of finance lease (54,969)  
Net Cash Provided by Financing Activities 42,451,894 21,019
Effect of exchange rate changes on cash and cash equivalents (2,249) 8,882
Net Change in Cash and Cash Equivalents 11,628,354 (8,326,045)
Cash and Cash Equivalents – Beginning of Period 9,039,887 22,154,251
Cash and Cash Equivalents – End of Period 20,668,241 13,828,206
Supplemental Disclosure for Cash Flow Information:    
Operating lease right-of-use assets obtained with lease liabilities   $ 520,399
Finance lease right-of-use assets obtained with lease liabilities 173,822  
Supplemental disclosure of non-cash investing and financing activities:    
Allocation of proceeds from public offering to warrant liabilities 2,494,823  
Cashless exercise of warrants classified as liabilities 2,742,393  
Cashless exchange of warrants classified as liabilities $ 773,330  

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